Perhaps. That is certainly a valid concern. However, the state of the art in this area is continually advancing very quickly. Just having an advanced fab in China does not mean that Chinese engineers are able to create the next generation chips and fabs. I think Intel's move is quite logical, and the danger of intellectual property theft not too serious in their case.
Intel, like GM will gradually leave the USA for permenancy in China. Population 1.2 billion vs 350 million, Single party government vs democracy, better labour cost controls, lower overheads and government (universal) medicare.